A new tool with easier to understand information is now available for farmers and ranchers who want to apply for USDA agricultural loans.
Agency leaders hope the new format will improve access to agency programs and services while simplifying the process. It was designed to look more like a financial document with easier to read content and less like a legal document. Administrators hope this will help limit a high number of incomplete or withdrawn applications, especially for underserved producers.
“One of the challenges we have in these programs is that we have a fairly complicated application process and it’s hard for producers to understand upfront what the eligibility requirements are, what we could use the loan money and where they fit into the suite of services that we currently offer. using loan assistance to a producer who can go to the website, click through and really get a better understanding of their eligibility is, like the programs we have to offer under our farm loan programs and how that can help them in their business,” said Zach Ducheneaux.
Currently, the Agency says it takes about six months to file and process an application. They hope this new tool will help move the process along much faster, so growers can take advantage of opportunities when they arise.